Saudi Oger is reportedly negotiating a potential billion-dollar sale of its 20.93 percent stake in Arab Bank, Reuters reports.
A small number of potential buyers from the Middle East are vying for Oger's stake in Arab Bank, including Saudi Arabia's al-Hokair family, according to Reuters.
Saudi Oger, which is owned by family members of former Lebanese Prime Minister Saad Hariri, has business interests in retail, hospitality, finance and real estate. Saudi Oger and the Binladin Company, were tasked with implementing large-scale infrastructure projects across Saudi Arabia, but the steep drop in oil prices and subsequent austerity measures have left both companies facing bankruptcy.
Both Saudi Oger and the Binladin Company are crippled in debt and have resorted to selling assets and slashing jobs as they struggle to cut costs and re-structure.
Sources told Reuters last month that Oger owes about 15 billion riyals ($4 billion) to banks, plus billions more to contractors, suppliers and employees.
Representatives from Arab Bank and Saudi Oger did not respond immediately to a request for comment.
© 2000 - 2020 Al Bawaba (www.albawaba.com)